Figure 1: Recent RC drilling within tenement M29/2 at the Mt Ida Project.
MT IDA LITHIUM-GOLD PROJECT
Mt Ida Gold Pty Ltd is the holding company of the Mt Ida Gold Project, comprising 29 tenements in the historical Mt Ida gold mining district, located approximately 100km north-west of Menzies in the WA goldfields.
The project tenements cover an area of 167km2 and include the historic Timoni Gold Mine and others, which have produced greater than 300,000 oz gold at 17.2 g/t head grade.
- Acquired from Ora Banda Mining in September 2021 for $11m cash
- Multiple lithium bearing pegmatites (with tantalum) now discovered
- Aggressive exploration programs underway at lithium discoveries, aim for Maiden Resource in Q3 2022
- A current gold resource of 318,000 t @ 13.8 g/t gold for 141 koz under the JORC 2004 guidelines
Whilst undertaking the technical due diligence of the Mt Ida Project, it was noted that multiple high-grade lithium intervals had been intersected within pegmatite bodies on the western contact of the main Mt Ida granite intrusive, known as the Copperfield Granite.
Initial investigations from available data shows pegmatite outcropping in 5 separate locations proximal to the main granitic intrusive, and along the contact with the western bounding mafic amphibolite units which host the high-grade Mt Ida gold copper lodes.
Extensive drill programs have been implemented with over 35,000 metres already completed since the purchase of the Project in September 2021.
Over 1,600 maiden drill results have been received for Mt Ida with LCT pegmatites in the Mt Ida province confirmed. The grade and width of the two main LCT pegmatites (Sister Sam and Timoni), are consistent and require further drilling to determine the full extent of the deposits. Assay highlights included:
- 29m @ 1.41% Li2O and 253 ppm Ta2O5 from 199m in IDRC074
- 23m @1.61% Li2O and 189 ppm Ta2O5 from 162m in IDRC070
- 16m @ 1.82% Li2O and 360 ppm Ta2O5 from 92m in IDRC081
Of significance is that no historic exploration has been carried out with the intention of targeting these Lithium bearing pegmatite intrusives. This opens up large areas on both the eastern and western limbs of the granitic intrusive contacts for future exploration and will complement the Company’s aggressive gold/copper exploration program at the Mt Ida Project.
Gold & Copper
The Mt Ida project has total resources of 318,000 t @13.8g/t of gold for 141koz, Indicated resources total 136,000t @ 18.6 g/t gold for 81koz with 182,000t @ 10.3 g/t gold for 60koz in Inferred category. All resource currently stated at Mt Ida are calculated under the JORC 2004 guidelines with no material change to the existing resources since estimation.
In conjunction with the lithium exploration, RDT intends to continue to delineate and grow the existing gold / copper resources which represent compelling value creation for RDT shareholders. Initial gold results are extremely promising, including the following from the Baldock-Timoni central areas:
- 3m @ 11.37g/t gold from 170m in IDRC103
- 5m @ 4.96 g/t gold from 112m in IDRC113
- 3m @ 3.39 g/t gold from 56m and 1m @ 3.27 g/t gold from 99m in IDRC099
- 2m @ 4.16 g/t from 102m and 1m @ 9.48g/t gold from 139m and 2m @ 7.29 g/t gold from 154m and 6m @ 1.92g/t gold from 171m in IDRC122